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Income tax is a statutory liability to be paid by business-class & non-business class as well. Once anyone has income the liability to pay taxes on that income arises, however the discharge of that liability depends upon many other things like residential status, legal status, accrual of income, etc. Further, there are certain payments too on which income tax benefit is available commonly known as “Income Tax Deductions”
In income tax law there are a separate set of provisions for periodic return filing and payment of taxes.
Payment of taxes takes place in the following 03 way;
Accounting is the systematic process of recording, analyzing, and interpreting financial transactions. It is the responsibility of every business – whether large or small to furnish their accounting records to the Income Tax Department.
Usually, start-ups ignore and after few years, they have to face problems. To avoid problems like raids and fines, it is always good to maintain your financial records and furnish details to the government agencies.
The recording of financial transactions is bookkeeping, whereas, accounting is interpreting, classifying, analyzing, reporting, and summarizing the financial data.
A properly maintained accounting & bookkeeping system helps a business to reduce accounting costs and analyze its financial growth
A Payroll Management service refers to maintaining the financial records of the employees and complying with statutory payroll and labor laws.
This includes a gross and net salary of the employees, incentives, and generation of payslips for a specified timeline
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